Ban on Dual Agency, New Disclosure requirements

June 15, 2018 - New rules were implemented in the Real Estate market that are designed to protect consumers.

"These changes have been designed to reinforce a real estate agent's duties and obligations to their clients, and to ensure that agents are always acting in their client's best interests,"
- Superintendent of Real Estate

Before the new rules, Real Estate professionals were able to act as a limited dual agent for parties involved in the same transaction. Doing so now is banned except for some rare instances. These new rules clearly define two clear relationships a consumer may have with his/her Real Estate Agent. 

A CLIENT or an UNREPRESENTED PARTY
As a client, you are owed special legal fiduciary duties by your agent as outlined in the new Disclosure of Representation in Trading Services form. The duties include: Loyalty, avoidance of conflicts of interests, full disclosure of relevant information, and protection of confidentiality.
As an UNREPRESENTED PARTY, you are not entitled to the legal duties that a CLIENT receives. An agent may provide answers to general questions, help prepare contracts, facilitate communication, but the agent will be unable to give advice to the unrepresented party. 

Make sure you have a clear understanding of your relationship with your Real Estate Agent.